Deals
CBA Sells Asset Arm to Japan’s Mitsubishi UFJ for $2.9 Billion
- Deal gives Japanese giant bigger exposure outside home market
- Commonwealth to still proceed with spinoff of wealth business
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The upheaval in Australia’s scandal-tainted banking industry has handed Japan’s largest bank a long-awaited opportunity to get a bigger foothold in the global asset management industry.
Mitsubishi UFJ Financial Group Inc. on Wednesday agreed to buy Commonwealth Bank of Australia’s global asset management unit for A$4.13 billion ($2.9 billion). The deal adds A$213 billion of assets under management across the U.S., Australia and Asia.